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The wild gyrations in Shopify shares offer a clear demonstration of the market’s ongoing mixed instincts. Investors are stalking bargains one minute, and shunning high-multiple software stocks the next.
A provider of e-commerce software, Shopify (ticker: SHOP) thrived during the pandemic, as many offline businesses rushed to add online storefronts. But as the economy has reopened, and more consumers return to physical retail stores, Shopify’s growth has slowed considerably.